The business travel, meetings, payment, and expense ecosystem continues to significantly evolve. Avenue5 Consulting is your trusted advisor to help you gain powerful insights to drive better outcomes. We understand the importance of compliance and our advisory helps to ensure the very best decisions are made.Read More
We believe in a sustainable integrated approach for corporate travel, meetings, payment, and expense. Avenue5 Consulting offers a wide range of category services that provide a depth of knowledge and expertise that challenges the status quo and delivers outstanding results.Read More
Future programs require increased agility and the ability to flex and scale where and when needed. At Avenue5 Consulting we have experienced resources that offer you a wide suite of services ranging from outsourced management through to learning and development.Read More
Institutional Investment Advisory
The impact from Covid-19 throughout the world on the travel industry is significant and leading travel management companies, suppliers and product vendors have been re-structuring their debt and arranging new liquidity. We have been retained by several institutional investors, banks, hedge funds and consulting companies to offer informed insight and analysis.
Our advisory was tasked to provide intelligence on pre-covid activity versus post-covid recovery. This mainly focused on sales performance, client retention, product differentiation, risk management and competitive landscape. With detailed analysis, expert opinion and validation, these institutions were able to make better informed investment decisions.
Global Strategic Assessment and Sourcing
A Global fortune 200 company previously retained our services to assess their entire travel spend and end-to-end travel, payment, and expense processes. The purpose of the project was to understand the true total cost of travel, opportunities, and risks, and how it benchmarked to peer group.
A strategic roadmap and business case was delivered to the governance committee who approved the plan which enabled a series of projects that included travel management company consolidation, renegotiation and reduction of air and hotel contracts, new payment, and expense system. Working with cross functional teams across the world, the company delivered a 22% saving to the total cost of travel and increased traveler satisfaction by 35%.
Resetting the Baseline –
The True Total Cost of Travel
A typical company will spend between 0.6% – 1.5% of their total company revenues on T&E, dependent on industry vertical. For example, a typical Manufacturing/Retail company will spend far less on T&E as a percentage of revenue than a Life sciences /Professional services company.
At Avenue5 Consulting, we are often retained to assess the true total cost of travel. The emergence of enhanced travel management company reporting, payment and expense system vendors and ERP providers has enabled better visibility. HOWEVER, the true total cost of travel (TTCT) should include meetings spend, cost of process and money, audit fees, non-compliance to policy, etc. For example, a company with a visible T&E spend of $20M through it’s normal reporting channels, will find that their TTCT is between 40 – 60% higher. How would your decision making be impacted, and travel viewed in your organization, if your baseline was now actually $32M? Contact us to learn more about our model.
Fit for Purpose – The Return
of Corporate Travel And Meetings
The trajectory for the meaningful return of corporate travel and meetings will vary depending on geographical location and industry vertical. Notwithstanding the external factors we can’t control of new virus strains, vaccinations and border controls, what can be a core focus is whether your travel and meetings program is now fit for purpose.
Travel policy compliance is more critical than ever. Traditional policies had similar approval workflow regardless of purpose of trip. Understanding whether a trip is revenue or non-revenue generating and the categories associated with it are key factors to assess your future travel and meetings program requirements. Some traveler types will never return to travel and some may see their travel budgets significantly decreased particularly with the advent of virtual collaboration. However, many customer focused teams may see their budgets increase. A corporate imperative is to fully align your travel and meetings program with your organization’s objectives. This alignment is highly strategic and allows you the opportunity to assess and reset your program. Where to start? We are here to help you.
INDUSTRY VERTICALS WITH FOCUSED EXPERTISE
- Aerospace & Defence
- Banking & Financial
- Food & Beverage
- Government / Not for Profit
- Healthcare & Pharma
- Information Technology
- Media & Entertainment
- Professional Services
- Transportation & Logistics
Industry executive launches
London, UK, September 24, 2021 – Avenue5 Consulting today officially announce the launch of their management consultancy dedicated to the corporate travel, meetings, payment, and expense industry.